Transak Unveils NFT Checkout for Web3 Gaming, Expands Access Post Beta Phase
In Brief
Transak announced its NFT Checkout Solution is now publicly available post beta phase, and supports multiple NFTs in a single transaction.
Web3 payment and onboarding platform Transak officially announced the launch of ‘NFT Checkout,’ a move that aims to transform the accessibility of Non-Fungible Tokens (NFTs). The announcement follows a successful beta phase on platforms such as Decentraland earlier this year, exposing and addressing key challenges within the NFT industry and gaming sector.
Transak asserts that NFT Checkout solution has been meticulously developed with developers in mind, and offers a streamlined and efficient integration process. The platform is compatible with leading blockchains and 170+ cryptocurrencies. Notably, the checkout supports multiple NFTs in a single transaction, and claims to be a industry-first.
To bolster its position, Transak strategically acquired the 5815 MCC code — a banking code facilitating NFT sales. The company said this move resulted in a 95% approval rating of cards, a significant improvement in transaction success rates.
“Initially, Transak supported NFT purchases above $50 and up to $4000. Many NFTs on Decentraland and other platforms are valued less than $5 or much higher, like $10,000. Our systems have been optimized in line with the company’s risk appetite and payment processing partnerships. Now, users can buy NFTs valued from $0.01 to $75,000,” Yeshu Agarwal, Transak’s Co-founder & CTO told Metaverse Post.
Addressing NFT Industry and Web3 Commerce Challenges
With the NFT industry set to double by 2028, boasting a projected 14.84% Compound Annual Growth Rate (CAGR) from 2023 to 2028, Transak said it aims to overcome the persistent hurdle of onboarding new users.
The company believes that complex infrastructures and convoluted payment processes have historically deterred individuals from entering the digital asset space. Furthermore, the integration of NFTs into the gaming industry for in-game assets presents an additional layer of complexity for user onboarding.
Transak’s NFT Checkout, born out of its beta phase insights, aims to serve as a comprehensive solution. The company claims it not only caters to the current needs of Web3 platforms but also anticipates the future requirements of Web3 games and larger Web2 brands looking to integrate NFTs. The ability for users to purchase multiple NFTs in a single transaction represents a paradigm shift, saving time and reducing fees.
Having secured a $20M investment in Series A earlier this year from reputable venture capitalists, including CE Innovation Capital, SBI Ven Cap, UOB, Animoca Brands, and others — Transak plans to push boundaries in the evolving NFT landscape.
“The funding allows Transak to allocate more resources towards compliance efforts. A focus has been on acquiring the correct Merchant Category Code (MCC) for selling NFTs, ensuring that transactions are processed smoothly and in compliance with financial regulations,” Transak’s Agarwal told Metaverse Post. “Acquiring licenses is a significant investment, and the Series A funding is being utilized to obtain licenses in key regions such as ANZ, APAC, and North America.”
The NFT Checkout, designed primarily for gaming, also boasts wider functionality, aligning with traditional e-commerce platforms. Users can buy or mint multiple NFTs in a single transaction, enhancing convenience and expanding its utility beyond the gaming sphere.
“In beta, the solution supported purchasing 1 NFT per transaction, a limitation for Decentraland users.
The rise of NFT-based ticketing platforms and gaming experience optimization indicated the need for this feature. Our updated features allow purchasing multiple NFTs of a similar kind in a single transaction.
The limit is set to “n”, only constrained by the blockchain’s transaction capacity,” explained Transak’s Agarwal.
Transak said that NFT Checkout marks a significant advancement in web3 commerce, providing a user-friendly platform for effortless NFT transactions via fiat currency. The updated product aims to embody a commitment to expanding digital asset participation while ensuring transaction approval and security, addressing usability challenges in the crypto and NFT landscape.
“Our features like unlimited multiple mints, support for any token, and flexible smart contract requirements align well with the needs of different sectors and outperform many competitors,” Transak’s Agarwal told Metaverse Post. “Several significant announcements are expected, including collaborations with prominent Web3-focused gaming studios involved in multiple Web3 games. Additionally, our company is actively engaging with various NFT marketplaces and collaborating with some Web2 companies that are preparing to launch NFT-based solutions.”
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
